IPL body raises auction cap for each franchisee

There's something to cheer for the Indian Premier League (IPL) franchisees.

The IPL governing council on Tuesday announced that each franchisee would now be able to keep a purse of USD seven million (Rs 35 crore) to bid for players.

It is an increase of USD two million from the present level of USD five million.

"This would mean USD 70 million for the 10 teams every year and USD 210 million (about Rs 1,000 crore) in three years... this will be the single largest auction in sporting world," said the IPL Commissioner and Chairman Lalit Modi.

Subroto Roy, the Sahara Group chief, had suggested that IPL should increase the ceiling on the cap for each team to participate in the auction soon after acquiring the Pune franchisee.